Canadian miner Endeavour Silver Corp forecast 2012 gold and silver output to rise, as it ramps up production at its Mexico mines where high-grade gold-silver zones were discovered last year.

The miner which owns the Guanacevi and Guanajuato mines in Mexico, said it expects silver production to increase16 percent to 4.3 million ounces and gold production to go up 24 percent to 26,000 ounces this year.

In December, the Vancouver-based miner discovered two high-grade silver-gold zones at its Guanajuato mine and forecast a substantial increase in reserves and resources there.

Fourth-quarter silver production from its Guanacevi and Guanajuato mines rose 25 percent to 1,120,780 ounces, while gold output rose 45 percent to 7,045 ounces.

Shares of Endeavour Silver, which is valued at about C$958.8 million ($954.46 million), closed at C$10.98 on Monday on the Toronto Stock Exchange.